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The role of the media in a bubble

Author: Gareth Campbell, John Turner and Clive B. Walker

Published in Explorations in Economic History (2012), vol. 49, 461–481

Abstract: We examine the role of the news media during the British Railway Mania, arguably one of the largest financial bubbles in history. Our analysis suggests that the press responded to changes in the stock market, and its reporting of recent events may have influenced asset prices. However, we find no evidence that the sentiment of the media, or the attention which it gave to particular stocks, had any influence on exacerbating or ending the Mania. The main contribution of the media was to provide factual information which investors could use to inform their decisions.

Download Journal Article: 

http://www.sciencedirect.com/science/article/pii/S0014498312000411

Download Working Paper: 
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2545202

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